Commerzbank has been fined €17 million for helping clients evade taxes. The bank agreed with the prosecutors office in Cologne on the penalty payment , and in return further investigations have been halted1 . The Bank aided customers in evading taxes through the use of a subsidiary in Luxembourg and shell companies in Panama and other tax havens. In February investigators searched the Commerzbank in Frankfurt am Main, as well as dozens of offices and private homes in Frankfurt in relation to the case2 .
Similar cases have already been found associated with HSH Nordbank and HypoVereinsbank. The fines in these cases amounted to 22 million euros for the HSH Nordbank and slightly less than 20 million euros for the HypoVereinsbank.
Commerzbank declined to comment on the incidents and the relatively low fines. The mildness of the penalty is apparently due to the cooperation by the Bank in the investigation. Moreover, the incidents are a few years back and since 2008 Commerzbank no longer aided these evasions. Further investigations continue into 30 other banks from Liechtenstein, Austria and Switzerland.3
- tagesschau.de: Commerzbank soll Millionen zahlen, https://www.tagesschau.de/wirtschaft /commerzbank-117.html, 10.14.2015, accessed on 03.11.2015 [↩]
- tagesschau.de: Razzia bei der Commerzbank, https://www.tagesschau.de/wirtschaft/panama-103.html, 02.24.2015, accessed on 03.11.2015 [↩]
- Tagesschau.de: Commerzbank soll mIllionen zahken, https://www.tagesschau.de/wirtschaft/commerzbank-117.html, 10.14.2015, accessed on 03.11.2015 [↩]